Egypt achieves significant industrial development rates: PM

CAIRO – 5 November 2018: Prime Minister Mostafa Madbouly said on Monday that Egypt has achieved significant industrial development rates over the past four years, adding that a number of procedures have been taken to improve investment situation and attract foreign investors.

During the opening of the first session of the China International Import Expo (CIIE) on Monday attended by the Chinese President Xi Jinping, Madbouly said that Egypt had developed an investment plan in order to attract investments. He further called on the Chinese business community to pump more investment into Egypt and benefit from the country’s unique geographical position between Europe, Africa and Asia.

He stressed that Egypt had sought to strengthen its trade agreements with a number of international economic and trade organizations, affirming the state's intention to facilitate all measures required for investors to start their business.

Madbouly also praised the positive role played by the Egyptian-Chinese Business Council to strengthen relations between the two countries, calling on all delegations to have a look at the Egyptian branch’s Chinese expo, in order to watch the Egyptian products.

Madbouli participated in the Chinese expo in Shanghai, on behalf of President Abdel Fatah al-Sisi, accompanied by Amr Nassar, Minister of Trade and Industry.

The Expo's Egyptian branch comprises 38 companies over a total area of 256 square meters. The companies include 24 companies in the fields of agricultural crops and food industries, 6 companies in the medical and chemical industries, 4 companies in the field of ready-made garments, a company in the field of engineering industries, a company in the field of handicraft, and a company in the field of printing and packaging.

Madbouli thanked the Chinese president and people for inviting Egypt to attend the event as a guest of honor. This invitation mirrors China's keenness on boosting trade and economic cooperation with Egypt, he said.

He said the CIIE provides a real opportunity to enhance joint cooperation between Egypt and China in the commercial and investment domains, stressing that Egypt's participation in this important expo comes in recognition of China's efforts to promote international trade and achieve the principle of fair trade among countries.

At regional level, Egypt was among the earliest countries that signed a joint cooperation agreement with China within the framework of the Belt and Road Initiative announced by the Chinese president in 2013, he added.

China is Egypt's fourth largest trade partner and Egypt is also China's fourth largest trade partner in the African continent, Madbouli said.

According to the 2017 statistics, bilateral trade between the two countries reached 11 billion dollars with the trade balance tilted towards the Chinese side. This demonstrates the importance of heightening joint efforts for balanced trade between the two countries.

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Additional reporting by MENA